SPBC vs. GBTC
SPBC (Simplify US Equity PLUS GBTC ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - SPBC is a Diversified Portfolio fund actively managed by Simplify, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. SPBC is actively managed, while GBTC is passively managed. Over the past 5 years, SPBC returned 15.20%/yr vs 10.30%/yr for GBTC. A 0.68 correlation means they provide meaningful diversification when combined. SPBC charges 0.50%/yr vs 1.50%/yr for GBTC.
Performance
SPBC vs. GBTC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPBC achieves a 4.82% return, which is significantly higher than GBTC's -29.27% return.
SPBC
- 1D
- -1.56%
- 1M
- -2.89%
- YTD
- 4.82%
- 6M
- 3.92%
- 1Y
- 17.62%
- 3Y*
- 25.41%
- 5Y*
- 15.20%
- 10Y*
- —
GBTC
- 1D
- -3.22%
- 1M
- -17.84%
- YTD
- -29.27%
- 6M
- -29.42%
- 1Y
- -40.53%
- 3Y*
- 36.07%
- 5Y*
- 10.30%
- 10Y*
- 44.88%
SPBC vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPBC Simplify US Equity PLUS GBTC ETF | 4.82% | 16.83% | 37.32% | 48.04% | -28.00% | 13.87% |
GBTC Grayscale Bitcoin Trust ETF | -29.27% | -7.65% | 113.81% | 317.61% | -75.80% | 3.43% |
Correlation
The correlation between SPBC and GBTC is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since May 25, 2021 | 0.68 |
The correlation between SPBC and GBTC has been stable across timeframes, ranging from 0.65 to 0.68 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPBC vs. GBTC — Risk / Return Rank
SPBC
GBTC
SPBC vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS GBTC ETF (SPBC) and Grayscale Bitcoin Trust ETF (GBTC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SPBC | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.10 | ||
| Sortino ratioReturn per unit of downside risk | +2.96 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.86 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 1.45 | -0.78 | +2.22 |
| Martin ratioReturn relative to average drawdown | 5.13 | -1.32 | +6.45 |
Loading charts...
Drawdowns
SPBC vs. GBTC - Drawdown Comparison
The maximum SPBC drawdown since its inception was -33.99%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for SPBC and GBTC.
Loading charts...
Drawdown Indicators
| SPBC | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.99% | -89.91% | +55.92% |
Max Drawdown (1Y)Largest decline over 1 year | -12.24% | -52.45% | +40.21% |
Max Drawdown (3Y)Largest decline over 3 years | -21.00% | -52.45% | +31.45% |
Max Drawdown (5Y)Largest decline over 5 years | -33.99% | -85.42% | +51.43% |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -3.93% | -50.88% | +46.95% |
Average DrawdownAverage peak-to-trough decline | -8.58% | -43.44% | +34.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.44% | 30.79% | -27.35% |
Volatility
SPBC vs. GBTC - Volatility Comparison
The current volatility for Simplify US Equity PLUS GBTC ETF (SPBC) is 5.19%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 13.05%. This indicates that SPBC experiences smaller price fluctuations and is considered to be less risky than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SPBC | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 13.05% | -7.86% |
Volatility (6M)Calculated over the trailing 6-month period | 11.78% | 34.57% | -22.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.02% | 44.21% | -29.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.52% | 62.13% | -41.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.40% | 81.46% | -61.06% |
SPBC vs. GBTC - Expense Ratio Comparison
SPBC has a 0.50% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
SPBC vs. GBTC - Dividend Comparison
SPBC's dividend yield for the trailing twelve months is around 0.86%, while GBTC has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
SPBC Simplify US Equity PLUS GBTC ETF | 0.86% | 0.85% | 0.98% | 3.79% | 0.60% | 1.41% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPBC and GBTC have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (13.05%) compared to SPBC (5.19%). In terms of maximum drawdown, SPBC dropped -33.99% vs GBTC's -89.91%.
On 5-year performance, SPBC leads with 15.20% vs 10.30% for GBTC. On fees, SPBC is cheaper at 0.50% per year. On volatility, SPBC has been the lower-risk option at 5.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPBC has performed better with a 15.20% return vs 10.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPBC is cheaper with a 0.50% expense ratio, compared with 1.50% for GBTC.
SPBC has the higher dividend yield at 0.86%, compared with 0.00% for GBTC.
SPBC is categorized as Diversified Portfolio, while GBTC is Cryptocurrency. They also come from different issuers: Simplify and Grayscale. Their fees differ too: 0.50% for SPBC and 1.50% for GBTC.
SPBC currently has the higher Sharpe Ratio (1.18 vs -0.92), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for SPBC and GBTC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer